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Shanduka said in a statement on Thursday that CIC would
acquire its shares primarily from exiting shareholders, Old Mutual
Private Equity and Investec.

"This partnership will allow us to jointly explore
future investment opportunities in South Africa and other parts of
Africa," said Shanduka chairman, Cyril Ramaphosa.

"We believe it will present broader opportunities for both organisations and be mutually beneficial."

Shanduka's black-owned and controlled status will not be affected by the transaction.

Old Mutual Private Equity (OMPE) as a selling shareholder has been a shareholder in Shanduka since 2006.

Jacci Myburgh, a portfolio manager at OMPE, said the
investment had been a very profitable one for the Old Mutual Private
Equity Fund II, and that the disposal of its interest in Shanduka was
part of its regular course of activities which included finite terms for
its funds' investments.

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